Shiba Inu Token Burns Soared 557 Percent, But SHIB Prices Haven't Flew

Meme coin Shiba Inu. (Photo; Doc. Teacher Watcher)

JAKARTA - The burning rate of the Shiba Inu token (SHIB) has jumped sharply to reach 10,559,572 tokens in the last 24 hours, a drastic increase of 557.75%. However, SHIB's price performance is still far from satisfactory.

The price of SHIB is currently at US$0.00001765 (approximately Rp0.281), down 1.17% in the past hour and 0.60% in the last 24 hours. SHIB's market capitalization was recorded at US$10,397,336,776 (approximately Rp166,357,388,416,000), down 0.66%. The total supply of SHIB tokens reached 589,272,353,711,088.

According to data from Shibburn, in the past hour 200,572 tokens have been burned in two transactions, and in the last 24 hours the number of tokens burned reached 10,559,572 tokens. Over the past seven days, the number of tokens burned reached 75,073,108, down 32.82%.

SHIB Burning Mechanism Continues To Increase

Despite the disappointing performance of SHIB, the token burning mechanism continues to increase. The Shiba Inu team is trying to increase the scarcity of tokens by permanently limiting the number of circulations.

Previously, the Shiba Inu community petitioned Binance to burn 1% of all Shiba Inu trading costs on their platform. The initial target of 500 signatures has exceeded 799 signatures, and a new target of 1,000 signatures is being pursued. To date, there are 86 new signatures per day.

SHIB's performance has recently been inversely proportional to some of its new competitors such as BRETT and MEW, which recorded double-digit percentage increases in the last 24 hours and are now in the list of the top 100 cryptocurrencies.

According to a CNF report, the previous SHIB burn rate increased by 454.08%, with a total of 48,604,44 tokens burned. Although the percentage increase is lower than it is today, the total number of tokens burned is about four times larger.

This continuous combustion activity shows community efforts to increase the value of tokens through scarcity.

Popular SHIB crypto and fan analysts such as SHIB KNIGHT predict medium-term rally for this meme token. Based on the graph posted, the price of SHIB is expected to penetrate the triangular pattern, potentially rising by 379% to reach 0.00008268 US dollars (approximately Rp1.32288).